Australian Origin Energy, in response to BG Group's $11 billion hostile takeover bid, entered an $8 billion 50/50 JV with ConocoPhillips to develop coal-bed methane deposits. BG shares fall, as the JV will force BG to increase its buyout offer - or drop it all together.
BG Group's hostile takeover bid for Origin, worth $13.8 billion, appears to be going poorly; the bid is rejected formally on July 4th, and stocks continue to fall.